Scandinavian Working Papers in Economics
Discussion Papers,
Norwegian School of Economics, Department of Business and Management Science
No 2011/19: Prospect Theory around the World
Marc Oliver Rieger (), Mei Wang () and Thorsten Hens ()
Additional contact information
Marc Oliver Rieger: Dept. IV, Business Administration, University of Trier, Postal: University of Trier, University Department IV, Universitätsring 15, 54286 Trier, Germany
Mei Wang: WHU - Otto Beisheim School of Management, Postal: WHU, Otto Beisheim School of Management , Burgplatz 2, 56179 Vallendar, Germany
Thorsten Hens: Department of Banking and Finance, University of Zurich, Postal: University of Zurich, Department of Banking and Finance, Plattenstrasse 32, CH-8032 Zürich, Switzerland
Abstract: We present results from the first large-scale international survey on risk preferences, conducted in 45 countries. We show substantial cross-country differences in risk aversion, loss aversion and probability weighting. Moreover, risk attitudes in our sample depend not only on economic conditions, but also on cultural factors, as measured by the Hofstede dimensions Individuality and Uncertainty Avoidance. The presented data might also serve as an interesting starting point for further research in cultural economics.
Keywords: Risk preferences; prospect theory; cross-cultural comparison
36 pages, October 31, 2011
Full text files
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